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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Central Electricity Authority - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Minerals Council of Australia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- The University of Queensland
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
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